Original Source Material
The CFPB ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions.
CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices
Summary
- Wise was ordered to pay $2.5 million for illegal remittance practices.
- The CFPB took enforcement action against the international remittance company.
Why It Matters for Texas Credit Unions
This case involves a significant monetary penalty and highlights potential risks in remittance services, which are relevant to Texas credit unions as they may offer similar services or partnerships with remittance providers.